EUR/USD, GBP/USD and USD/JPY continue to push higher
EUR/USD, GBP/USD and USD/JPY on the rise, with dollar weakness failing to transmit against a weakening yen.
EUR/USD rising towards confluence of resistance
EUR/USD has been regaining ground over the course of the week, with the pair pushing towards a confluence of trendline resistance and the $1.164 swing high from 4 October.
That zone represents a key area to watch for the day ahead, with the potential for another turn lower from here. A push through $1.164 brings expectations of a rise back towards the $1.1667-$1.1701 resistance zone.
GBP/USD turning upwards as it pushes up towards key resistance
GBP/USD managed to break up through 76.4% Fibonacci resistance at $1.367 yesterday, with the pair pushing towards the $1.375 swing high from late September. This points towards a potential retracement of the wider selloff from $1.3913 coming into play.
With the $1.3721 and $1.375 zone in play today, there is no guarantee we will move towards the wider $1.3794 retracement level. As such, watch for whether we can break this near-term retracement zone as a sign of a wider rebound. However, the downtrend does still remain relevant unless the price breaks up through $1.3913 resistance.
USD/JPY continues to drive higher
USD/JPY has pushed higher once again today, with the pair trading at the highest level since late-2018.
The ability to remain within an intraday trend of higher lows is key here, with a break back below ¥113.21 support required to bring a more neutral view. Given the recent 76.4% pullback, any near-term downside looks like a potential retracement and buying opportunity unless we take out the ¥113.21 swing low.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
